Business email compromise occurs when someone's email account is actually taken over by a fraudster or a fraudster uses an email address that’s very similar to a real email address for social engineering purposes.
For example, let’s say you’re a small business and you process wires for that business. Your CEO sends you an email with instructions for that day’s wire.
A business email compromise attacker will create an account that looks very similar to your CEO’s email address, and then they will send you an email saying something to the effect of: “For this particular wire use these instructions instead. Ignore the instructions I just sent you.”
The danger with this is, if you're just relying on email and you simply take every email on face value, you'll go ahead and authorize the wire transfer.
Another type of attack that falls under the category of business email compromise is where they actually do take over a legitimate email account.
So it’s important to always check the email address itself. In addition to that, when you receive a request for funds transfer you should always validate that request because it could be a legitimate account that has been taken over by a fraudster.
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